February 2, 2004
HOUSE BILL No. 1306
_____
DIGEST OF HB 1306
(Updated January 30, 2004 12:25 pm - DI 92)
Citations Affected: IC 5-10.2.
Synopsis: PERF cost of living adjustment. Provides a benefit
adjustment after June 30, 2004, for members, survivors, and
beneficiaries of the public employees' retirement fund (PERF) who
would have been eligible to receive a "thirteenth check" in October
2003. Provides a 2% cost of living adjustment for members, survivors,
and beneficiaries of PERF after December 31, 2004. Provides a cost of
living adjustment for members, survivors, and beneficiaries of the
teachers' retirement fund after December 31, 2004.
Effective: July 1, 2004.
Kromkowski
, Cheney
, Herrell
January 15, 2004, read first time and referred to Committee on Labor and Employment.
January 29, 2004, reported _ Do Pass; referred to Committee on Ways and Means
pursuant to Rule 127.
February 2, 2004, amended, reported _ Do Pass.
February 2, 2004
Second Regular Session 113th General Assembly (2004)
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
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HOUSE BILL No. 1306
A BILL FOR AN ACT to amend the Indiana Code concerning
pensions.
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 5-10.2-5-35; (04)HB1306.2.1. -->
SECTION 1. IC 5-10.2-5-35 IS ADDED TO THE INDIANA CODE
AS A
NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2004]:
Sec. 35. (a) In addition to any other cost of living
adjustment provided under this chapter, the pension portion (plus
postretirement increases to the pension portion) provided by
employer contribution of the monthly benefit payable after June
30, 2004, to a member of the public employees' retirement fund (or
a survivor or beneficiary of a member) who was retired or disabled
before July 2, 2002, and who was entitled to receive a monthly
benefit on October 1, 2003, shall be increased by the following
percentages:
(1) Two percent (2%), for a member who retired or was
disabled before January 1, 1990.
(2) One percent (1%), for a member who retired or was
disabled after December 31, 1989.
(b) The monthly amount of the increase described in subsection
(a) payable to a member of the public employees' retirement fund
(or to a survivor or beneficiary of a member) may not be less than
eight dollars and fifty cents ($8.50).
(c) The increases specified in this section:
(1) are based on the date of the member's latest retirement;
(2) do not apply to benefits payable in a lump sum; and
(3) are in addition to any other increase provided by law.
SOURCE: IC 5-10.2-5-36; (04)HB1306.2.2. -->
SECTION 2. IC 5-10.2-5-36 IS ADDED TO THE INDIANA CODE
AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2004]: Sec. 36. (a) The pension portion (plus postretirement
increases to the pension portion) provided by employer
contributions of the monthly benefit payable after December 31,
2004, to a member of the public employees' retirement fund (or to
a survivor or beneficiary of a member) who retired or was disabled
before January 1, 2004, shall be increased by two percent (2%).
(b) The monthly amount of the increase described in subsection
(a) payable to a member of the public employees' retirement fund
(or to a survivor or beneficiary of a member) may not be less than
five dollars ($5).
(c) The increases specified in this section:
(1) are based on the date of the member's latest retirement or
disability;
(2) do not apply to benefits payable in a lump sum; and
(3) are in addition to any other increase provided by law.
SOURCE: IC 5-10.2-5-37; (04)HB1306.2.3. -->
SECTION 3. IC 5-10.2-5-37 IS ADDED TO THE INDIANA CODE
AS A
NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2004]:
Sec. 37. (a) The pension portion (plus postretirement
increases to the pension portion) provided by employer
contributions of the monthly benefit payable after December 31,
2004, to a member of the Indiana state teachers' retirement fund
(or to a survivor or beneficiary of a member of the Indiana state
teachers' retirement fund) who retired or was disabled:
(1) after July 1, 1996, and before July 2, 2002, shall be
increased by one percent (1%);
(2) after July 1, 1978, and before July 2, 1996, shall be
increased by one and five-tenths percent (1.5%); and
(3) before July 2, 1978, shall be increased by two percent
(2%).
(b) The increases specified in this section:
(1) are based upon the date of the member's latest retirement
or disability;
(2) do not apply to benefits payable in a lump sum; and
(3) are in addition to any other increase provided by law.